Should We Keep Full Trust on The Property Developer?

Buying property is a very big decision and a matter of investing our life’s savings.  So, a careful analysis of the property market is very necessary. We must look into all the aspects related to the purchase of property and the developer is one of them. We must ensure that we are making a very sound investment decision and our investment is safe for life.

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1. If the property market is filled with top class builders then a large number of small-time builders and new-comers are also in existence. Most of the buyers would like to deal with big developers because of their reputation but dealing with newcomers or small builder helps in getting cheaper rate although the level of trust will be very low.

2. The level of risk involved will be high in case of small builders. Can we have complete trust on the builder irrespective of their size? Most probably the answer will be in negative.

3. We must do a thorough research on the background of the developer before selecting one to get value for the money to be invested.

4. One can start from searching about the developer online. Their website can provide a lot of information and at the same time information of reputed developers are available on the net. One can search for their ratings and reviews. A reputed developer will also be a member of the professional bodies such as CREDAI.

5. The memberships of renowned bodies are only offered to companies who have a good reputation in the market, have spent considerable time and made a significant contribution to the market. But this alone is not sufficient to completely trust them.

6. The opinion of legal experts must be taken on the project of interest. They will help in confirming if the land on which the project is coming up is the name of the builder individually or in partnership. They must have completed all the formalities and obtained permission to start construction.

7. All the documents related to the project must be genuine and in order. There have been instances of builders facing legal action due to a violation of rules and frauds. The investment of the buyer gets stuck in such cases.

8. One must look into the financial position of the company before investing. They must be financially strong enough to complete the project on time. Many projects get stuck or shut down due to lack of proper funding and liquidity issues.

9. Approval of bank loans acts as a guarantee of the builder. Many small time builders are prone to fly by night when they have accumulated sufficient funds. The buyers must look into its past history in terms of timely project delivery.

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One can visit and check the properties built by the real estate developer in the past to assess the quality of the property. The views of their existing clients can also act as an important guide. One must compare the property prices offered by various developers to ascertain if the builder is overcharging for the property in concern.To know more visit propknack

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